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Viral Thread Explains How Cancelling Student Loan Debt Can Help The Economy

If you’ve gone to college in America, you’ve probably got some student loan debt. For many, student loan debt feels like something you’re dragging around for the rest of your life and can never get rid of no matter how hard you try. The idea of canceling student loan debt has been floated, but did you know that it can actually be good for economics and politics? I had no idea.

Bharat Ramamurti, a member of the COVID-19 Congressional Oversight Commission, created a Twitter thread about student loan forgiveness that quickly went viral. 

Ramamurti is saying that it will help even more people than the food stamp program SNAP and low-income worker tax benefit EITC. 

People who are paying money towards student debt could instead be spending that money in the economy. 

Getting rid of student loan debt means more people can buy homes or start a small business

He suggests some ways to avoid giving struggling student loan holders a tax bill. 

Right, we are more concerned about helping a teacher with $50,000 in college debt than a practicing surgeon with $100,000 in college debt. 

People who make under $50,000 and people who don’t have a college degree are the strongest supporters of student debt cancellation. 

Will canceling student loan debt be the solution to all our problems. No. But it can be a great start and change many peoples’ lives in a positive way.

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